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S&P: Atlantic Marine on positive watch
Standard & Poor's said it placed its ratings, including the B+ corporate credit rating, on Atlantic Marine Holding Co. on Creditwatch with positive implications.
Atlantic Marine announced that it has agreed to be acquired by higher-rated BAE Systems plc (BBB+/stable/A-2) for $352 million, the agency said, noting that the acquisition does not include Atlantic Marine's Boston and Philadelphia operations.
"The transaction depends on certain U.S. regulatory approvals and we expect it to close in third-quarter 2010," said S&P credit analyst Christopher DeNicolo.
"We expect that Atlantic Marine's rated debt will be repaid as part of the transaction," he continued.
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